While running your own business can be extremely rewarding, there are also certain risks that come with being a business owner. If you are sued by a customer, client, or employee, or if a natural disaster wipes out your facilities or inventory, you and your company may be left vulnerable.
This makes it imperative that you properly insure your business by taking out insurance policies such as general liability insurance, business owner’s insurance, and workers compensation insurance to make sure that you are protected no matter what happens. Here are just a few reasons why business insurance is so important.
Protects You if You Get Sued
Even if you treat your employees fairly and provide quality services to your customers, in a litigious society you may find yourself the victim of an unfounded lawsuit at some point. Even if you are found not at fault, you could be left with thousands of dollars in lawyer and court fees that could seriously cripple your business.
Additionally, if the plaintiff wins you may find yourself owing so much money that it bankrupts your small company.
Insurance policies such as liability insurance and errors and omissions insurance can help you in this scenario by providing you with the support you need to prevent your business from going under if you are faced with a lawsuit.
Protects You From Natural Disasters
It is also critical that you have sufficient insurance to cover you in the event of a natural disaster such as an earthquake or flood. Without the proper property insurance, you may be unable to recover from the loss of equipment and inventory as well as from the damage to your facilities.
Additionally, even if you have property insurance you will lose a substantial amount of money while your business is closed for repairs, as you will not be generating income.
Business owner’s insurance can then play a critical role by helping to compensate you for income your company loses during this time. Having the right insurance can then be the difference between your company staying afloat, or shutting down, in the event of a natural disaster.
No matter the size of your business, it is critical that you have sufficient insurance to protect your company no matter what obstacles may come your way. If you would to like to discuss your options for business insurance please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM.
In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
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Rob Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953.